Why SolarCity (SCTY) Stock Is Higher Today

SolarCity (SCTY) was upgraded to 'outperform' from 'marketperform' in a note published by Raymond James on Friday

NEW YORK (TheStreet) -- SolarCity (SCTY) was upgraded to "outperform" from "marketperform" in a note published by Raymond James on Friday. The firm also raised the price target for the solar energy provider to $75. SolarCity shares are up 5.37% to 64.00.

The analysts point to a recent pullback of 30% after the stock reached its high in late February as an "enticing" reason to get in on the stock now. "Of course we can't promise that the stock's recovery from this recent correction will be as quick as last fall's six weeks, but there is a potentially impactful near-term catalyst," Raymond James said.

"SolarCity's position as the top non-utility downstream pure-play in the U.S. market is secure, and further market share gains (not assumed in our model) would be an 'icing on the cake' scenario," the note added.

----------

Separately, TheStreet Ratings team rates SOLARCITY CORP as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate SOLARCITY CORP (SCTY) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow, poor profit margins, generally high debt management risk and feeble growth in its earnings per share."